IBP, Tyson File Dueling Lawsuits
After Tyson Backs Out of Merger

IBP Inc. and Tyson Foods Inc. geared up Friday for a big legal battle, filing dueling lawsuits a day after Tyson backed out of its planned $3.2 billion stock-and-cash purchase of the meat packer.

IBP shares as of 4 p.m. Friday plunged $6.39, or 28%, to $16.40 in New York Stock Exchange composite trading, a far cry from the $26.25 level at which they traded before the announcement of the Jan. 1 merger pact with Tyson.